Since launching PayTo, close to two-thirds of Wagepay users have active PayTo agreements to manage their repayments with increasing uptake from their customer base.
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Since launching in 2020, Wagepay has helped thousands of Aussies get early access to their wages in real-time, giving their customers the financial freedom to use their money when they need it most.
Wagepay ensures nearly all of its customers receive their funds in less than 60 seconds, using NPP to pay out via PayID or bank details with Monoova’s API.
“We’ve managed to fulfill more than 2 million wage advances via NPP to date.” says Tony Chan, CEO, Wagepay.
With Monoova’s assistance, Wagepay was also one of the first Australian businesses to offer PayTo to customers, going live in February 2023. PayTo is the modern digital method of initiating payments from customer bank accounts in real-time, in contrast to direct debits which can take up to 3 business days.
“Previously, have to wait 24-48 hours for direct debits. We also experience a number of cases of dishonour reporting from banks after a payment has actually settled.
The Benefits of PayTo
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Since launching PayTo, Wagepay has seen impressive results. Now close to two-thirds of their users now have active PayTo agreements to manage their repayments with increasing uptake from their customer base which highlights the growing appetite among consumers for real-time, data-rich payment options. By integrating PayTo, Wagepay has been able to improve their user experience through fast payments while also gaining operational efficiencies through better payment visibility, real-time settlement and instant reconciliation.
“PayTo has transformed our user experience with faster, more seamless repayments, while delivering real-time settlement and better payment visibility.”
As more consumers embrace PayTo and its benefits, Wagepay is well-positioned to capitalise on its benefits, supporting plans for 100% annual growth, powered by Monoova’s real-time payment infrastructure.
Want to learn more about how PayTo can help your business improve cash flow, efficiency and customer experience? Get in touch with our team.
Creating great payment experiences for Wagepay
Explore how Monoova enables real-time payments and reconciliation for Wagepay in our full case study below:
About Wagepay
Wagepay was founded to help everyday Australians take control of the money they have earned and get real-time access to their wages before pay day.
Visit the website: https://wagepay.com.au/ to find out more.
About Monoova
Monoova is a leading provider of intelligent payment solutions, helping businesses optimise their payment processes, enhance customer experiences, and scale efficiently. Visit www.monoova.com or read Monoova’s PDS/FSG to find out more about our payment solutions and services.
For media enquiries, please contact: PressEnquiries@Monoova.com
